I agree with much of what you said.
If you're talking about a degree in English, Journalism, Theatre, Education, Marketing, Anthropology and similar non-specific degrees in field where many want to work in them but there are few openings, then yes, these are not degrees that train one for a specific profession, for which there will be much demand or reward. (I say that as someone who got a communication degree over 20 years ago and learned a **** lesson).
But there are still a few in-demand degrees, like Accounting, Engineering, Nursing, Computer Science, or other 2-year or 4-year technical degrees, where someone is trained for a specific position for which there is demand, and plenty of ****.
My advice to a prospective college student, or their parents, is to look at the fields where there are a lot of ****, like nursing, paralegal, computer repair technician, air conditioning repair tech, or other higher demand fields, before rolling the dice on a degree that doesn't really have a likelihood of netting a good-paying career.